Portland Manufacturing had the following data for the period just ended:

Work in process, Jan. 1	$	29,500
Work in process, Dec. 31		44,000
Finished goods, Jan. 1		90,000
Finished goods, Dec. 31		71,000
Direct materials used		139,000
Direct labor		345,000
Factory depreciation		79,000
Sales		995,000
Advertising expense		69,000
Factory utilities		34,500
Indirect materials		34,000
Indirect labor		49,000

Required:

1. Calculate Portlands cost of goods manufactured.
2. Calculate Portlands cost of goods sold.